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Size Elmera (ELMRA.OL) is a Norway Utilities company (Electric Utilities) with a market value of $549M, the 83rd largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 46.75 on 6 Nov 2026.
Performance Over six months the shares gained 43.4%, against -25.2% for the median peer and +2.7% for the Norway market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 48.1% over the last twelve months (peer median +2.8%); the operating margin is 4.6% (peer median 3.9%).
Valuation It trades at 19.9× forward earnings against a peer median of 11.2× (2nd most expensive of 9).
Price implies For today's price to make sense, revenue must grow about -16% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is -40 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 17.1 points above its cost of capital (5.6% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 16.4B | NOK 12.3B | NOK 12.0B | NOK 17.4B | NOK 26.8B |
| Revenue growth | — | +2% | -31% | -35% | — |
| Gross profit | NOK 766M | NOK 535M | NOK 891M | NOK 887M | NOK 789M |
| EBITDA | NOK 1.07B | NOK 871M | NOK 916M | NOK 1.77B | NOK 750M |
| Net income | NOK 201M | NOK 163M | NOK 354M | NOK 192M | NOK 73.8M |
| Free cash flow | NOK 612M | -NOK 684M | -NOK 6.21M | NOK 1.02B | -NOK 373M |
| Capital expenditure | NOK 71.3M | NOK 77.3M | NOK 68.4M | NOK 52.8M | NOK 44.3M |
| Total debt | NOK 1.51B | NOK 3.34B | NOK 1.03B | NOK 967M | NOK 1.60B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ELMRA.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.5% | -9.4% | 4th highest of 21 |
| 6-month return | +43.4% | -25.2% | highest of 21 |
| Distance from 52-week high | -1.1% | -39.7% | 2nd highest of 21 |
| Revenue growth (TTM) | +48.1% | +2.8% | highest of 21 |
| Operating margin | 4.6% | 3.9% | 10th highest of 21 |
| Forward P/E | 19.9× | 11.2× | 2nd most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | -15.6% | 0.2% | 2nd least demanding of 12 |
| Growth delivered (Del g) | +24.2% | +6.4% | highest of 12 |
| Hurdle (Req g minus delivered) | -39.9 pp | -6.2 pp | least demanding of 12 |
| ROIC minus cost of capital | +17.1 pp | -0.9 pp | 2nd highest of 21 |
| EV / EBITDA | 5.9× | 9.5× | 3rd cheapest of 9 |
| Net debt / EBITDA | 1.0× | 1.5× | 6th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Elmera ELMRA.OL | Norway | $549M | +43% | +48% | 5% | 19.9× | -15.6% | +24.2% |
| Zhejiang Xinzhonggang Thermal Power 605162.SS | China | $556M | -25% | -5% | 19% | n/a | 0.8% | +4.4% |
| Audax Renovables ADX.MC | Spain | $564M | -21% | -8% | 4% | 12.1× | n/a | n/a |
| Shenzhen Nanshan Power 000037.SZ | China | $527M | -18% | +35% | -7% | n/a | n/a | n/a |
| Ningbo Shimao Energy 605028.SS | China | $522M | -21% | 0% | 36% | n/a | 9.5% | +1.5% |
| Sichuan Xichang Electric Power 600505.SS | China | $520M | -31% | -10% | 7% | n/a | 1.2% | +9.5% |
| KDHC 071320.KS | South Korea | $601M | -8% | +1% | 15% | 2.5× | -11.2% | +13.8% |
| Voltalia VLTSA.PA | France | $602M | -42% | +19% | 12% | n/a | n/a | n/a |
| Shandong Xinneng Taishan Power Generation 000720.SZ | China | $602M | -28% | +8% | -39% | n/a | n/a | n/a |
| Sichuan Mingxing Electric Power 600101.SS | China | $620M | -23% | +2% | 6% | n/a | n/a | n/a |
| Hallador Energy HNRG | United States | $476M | -46% | +8% | 2% | 2,020.0× | n/a | n/a |
| Genie Energy GNE | United States | $466M | +23% | +10% | 3% | 18.3× | -3.6% | +7.1% |
| Hengsheng Energy 605580.SS | China | $653M | -28% | +30% | 19% | n/a | 15.7% | +14.1% |
| Acinque AC5.MI | Italy | $460M | -6% | -11% | 3% | n/a | 12.8% | +9.3% |
| Hunan Chendian International Development 600969.SS | China | $453M | -18% | +4% | 3% | n/a | 0.2% | +6.4% |
| Ning Xia Yin Xing Energy 000862.SZ | China | $665M | -25% | -8% | 0% | 19.3× | -1.4% | +1.7% |
| Sichuan Guangan AAA Public 600979.SS | China | $670M | -28% | +4% | -5% | n/a | n/a | n/a |
| Suwen Electric Energy Technology 300982.SZ | China | $448M | -41% | -55% | -13% | 10.4× | n/a | n/a |
| PTC India PTC.NS | India | $437M | -39% | +13% | 4% | 9.6× | -18.2% | -1.4% |
| Zhejiang Fuchunjiang Environmental Thermoelectric 002479.SZ | China | $704M | -2% | +26% | 9% | n/a | -10.7% | +2.9% |
| Empresa Distribuidora Y Comercializadora Norte S.A. Sponsored ADR EDN | United States | $738M | -40% | +2% | 6% | 6.9× | n/a | n/a |